Investment drive by THAATA cement in Hambantota
View(s):By Sachin Parathalingam
Investment opportunities in Sri Lanka are positive, the CEO of a new cement investment noted last week.
Fazlullah Shariff, CEO of THAATA Cement, subsidiary of the giant Pakistani conglomerate Arif Group, made these comments to a Business Times reporter when asked about the country’s investment climate.
Pic by M.A. Pushpa Kumara shows SLPA Chairman Dr. Priyath Bandu Wickrama and THAATA Cement CEO Fazlullah Shariff signing the Business Venture Agreement in Colombo last Friday.
THAATA on Saturday announced the impending establishment of a cement manufacturing plant in Hambantota.
A business venture agreement between THAATA cement and the Sri Lankan Ports Authority (SLPA) in this regard was signed on Friday
Mr. Shariff further noted that, “we at THAATA received a lot of support from SLPA” and went on to praise the Government quoting that they extended “excellent support”.
Salman Younis, another THAATA director cited a fast-growing cement market and sentimental ties between the two countries as key drivers behind the investment decision. “We had other options but the close historical ties between Sri Lanka and Pakistan contributed to our decision to expand into the Sri Lanka market,” he told the Business Times.
He also mentioned the multiplier effect cement operations could generate, which could lead to increased employment and a spillover of skills and technology into the region adding that” we are very committed to Sri Lanka.”
Asked about the legal issues that could be faced by potential investors here, Nasim Beg, Director of THAATA, stated that “every country has its ups and downs”.
“Problems in the legal system have even occurred in Pakistan in the past but we have full confidence in the legal system here and are not worried about any legal uncertainty” he further added. Mr. Beg also cited that the lack of a language barrier in Sri Lanka with English being predominantly spoken was highly conducive for investment.
The commencement of cement operations in Hambantota is the latest step in a series of events that mark the industrialization of the region, including the establishment of Hambantota port and the recent Mattala Rajapaksa International Airport.
Follow @timesonlinelk
comments powered by Disqus